Pawngo (formerly Internet Pawn) offers short-term loans between $1,500 and $15,000 secured by items customers ship to the company. Customers submit information about an item, receive an estimate from Pawngo’s Denver-based valuation lab within an hour, and ship items to Pawngo’s vault for three to six months. The company charges a monthly "option charge" equal to 3–6% of the loan, debited from the customer’s bank account, and resells items if loans are not repaid. Pawngo reports it has loaned a total of $1,377,360 according to a ticker on its website. The startup faces potential scalability challenges around vault storage capacity and the labor required to assess resale values as volume grows. It rebranded from Internet Pawn and targets consumers who need quick non-bank lending despite concerns about the prior incarnation's practices.

Total raised

$2M

Funding rounds

1

Latest round

Equity

Latest activity

Jun 2011